In his first term, Trump also targeted the alcohol industry. A series of tit-for-tat tariffs hit alcohol products in the U.S. and the EU. The Biden administration suspended those tariffs, but now the industry is once again in the crosshairs. The industry has still been recovering from that first tariff spat.

Recession fears are growing as President Donald Trump is threatening to impose 200 percent tariffs on alcohol from the European Union, sending stocks plunging yet again. "I'm not going to bend at all,

Earlier today, Trump shared on social media that he would put a 200% tariff on European alcohol, in response to the EU's retaliatory tariffs on American whiskey. Trump has also directly touched upon Canada during his Oval Office meeting with Nato's Secretary-General.